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The other nagging question, of course, does this have the potential to open up a whole new area of lawsuits for other similar past actions?
From what I've gathered: the incident listed is a one-off and is unrelated to any other cases. Also, the settlement cases were closed "with prejudice." I gather that means these different situations will remain unconnected. What's done is done, and it's time to move on.
Louisa,
Thanks for posting the slides...I see that post was deleted?
I'll try to post it:http://www.advancedcell.com/documents/0000/0395/act-corporate-presentation---june-19-2012---bio---for-posting-to-site.pdf
I don't think ACTC is a scam. You are probably just not happy with the PPS right now. I'm sorry your short term interests are unfulfilled. I say stand by. But I don't think I need to say that to shareholders who've done their DD. GLTA
Where 20 million? I think I know where you get that, I've also seen it said that "its not likely to happen."
So, many of us are bullish on the mid to long term prospects. Otherwise, I think some of us are concerned about nailing the optimum PPS buy and sell in the short term based on the timing of some events outside the science.
Hunt,
Look at it from a biocentrick point of view...perhaps he needed to sell that much to cover the large tax bill due on the sell that has happened in the future...later this year...
The big picture would seem to suggest this, Killtoy. I agree with you. On one hand the company continued to survive meaning that the shareholder's shares did not disappear, on the other hand it caused some dilution. Now if they cared about the share holder, why not reduce the OS by the number of shares equal to the "profit" amount in question. Also, return all those shares from the recent lawsuits since the the "make whole" part of the agreement seems to be trying to make fair at a pps that shouldn't have happened in the first place, imo. All that is "allegedly."
From Rocky's corner and from ACTC 10q
from 10Q)
Pursuant to the employment agreement between the Company and the Decedent, the Company has to indemnify and hold Decedent harmless from costs, expenses or liability arising out of or relating to any acts or decisions made by Decedent in the course of his employment to the same extent that the Company indemnifies and holds harmless other officers and directors of the company in accordance with the Company’s established policies. Our directors and officers are indemnified by our bylaws against amounts actually and necessarily incurred by them in connection with the defense of any action, suit or proceeding in which they are a party by reason of being or having been directors or officers of the Company. Our certificate of incorporation provides that none of our directors or officers shall be personally liable for damages for breach of any fiduciary duty as a director or officer involving any act or omission of any such director or officer. Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, may be permitted to such directors, officers and controlling persons pursuant to the foregoing provisions, or otherwise, the Company has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
I take this to mean that the SEC can take action against Caldwell (estate) if they see fit to do so.
I think it was in the facetious spirit.
The key word is allege. Also, Sec says Actc purports to be a stem cell company. Seems to me ACTC is a Stem cell company. Score one for ACTC. As a poster at Icell says, this whole thing may actually be "not too bad" for ACTC. It seems to be more about Caldwell and especially about the financiers and what Unico allegedly have done.
This is from ACTC website regarding Caldwell.
The legacy of Bill Caldwell can be measured in many ways. "To understand Bill you really need to look at him in three ways,” said Dr. Robert Lanza, M.D., Chief Scientific Officer at ACT. "There was the businessman, the leader and the person. As a person, he was very humble and unassuming. As a leader, he created a culture where hard work and collaboration just came naturally. There is an incredible vibrancy to our company that Bill created. And as businessman, he was masterful. It is because he made it his mission in life that we are about to begin treating macular degeneration patients in the coming months, and have an exciting pipeline of new therapies of in the works. My greatest regret is that someday there will be people who will benefit from stem cell therapies, but who will never know the sacrifices that Bill and his wife Nancy made for their well-being”.
"All of us at ACT owe Bill a tremendous debt of gratitude for his tireless efforts for the company, its shareholders and especially for those suffering from diseases such as macular degeneration,” continued Mr. Rabin. "It would be difficult to overstate his accomplishments as Chairman and CEO. Bill worked tirelessly and ceaselessly on the company's behalf, steering it through a challenging political environment and then through an extremely challenging funding environment. Bill made great sacrifices to help ACT not only survive, but thrive, and was critical in bringing the company to where it is today, having achieved a number of its major milestones and on the verge of announcing several more achievements. I speak for every member of this company when I say that we are all firmly committed to continuing Bill's legacy. Because of Bill, I truly believe that ACT's best days are ahead.”
What a day
Premarket .071
Great news!
These are fully differentiated stem cells, they are RPE cells. Stable. Classified more as a tissue transplant than a stem cell injection.
I just watched The Transcendent Man, a couple of days ago...now reading his Singularity book. I agree with you.
Score at 4???
Saint Cloud, Actually. Sunny usually.
In the scheme of things, a few days or weeks at this low end, is not the end. It is a good time to buy as bigger and better days are ahead...you'll feel a different kind of regret when the price goes up and you've either sold low, or bought no more...
Welcome back in the future, Okoil....
"Unfortunately, the MS videos can't be released until the data is published (but the results of hESC-MSC treatment were amazing)"
The Robert Lanza Tweet.
There's no way they pull out of esc like Geron did. Geron pulled out because of the long term $$ for a Spinal cord study, (they will still track the progress of what they started). Total $$ for the current ACTC trials from start to finish is 6M. Much cheaper than the Geron trial.
Gary R. says the entire cost of all three trials currently underway from start to conclusion will total 6 million dollars. This includes the cost of patients and site use.
If the vote is yes for the R/S, they have till Dec. to effect the R/S. I wonder when they will go for it.
Anxious in this context is a positive, not like the anxious you feel as a say Vikings fan when they play in a big game.
This is the kind of anxious you feel when you are on your way to see that special someone who is waiting for you...
As Chauncey de Gardenier would say, "New seeds will be planted in the spring, and a harvest in the fall."
just saw 300,000 buy at .085 2 minutes into after market.
For anyone interested, Tengion TNGN is a biotech stem cell company who have listing change from Nasdaq Global to Nasdaq Capital effective today as they were not able to maintain PPS above $1 for 10 consecutive days. They've spent a many months below $1 and were given extensions. Not Delisted completely. They have till Sept 28 2012 on the Nasdaq Capital to regain compliance. The pps decline was due to a problem with their human trial.
Full story:
Tengion Announces Listing Transfer From NASDAQ Global Market® To NASDAQ Capital Market®
Tengion Announces Listing Transfer From NASDAQ Global Market® To NASDAQ Capital Market®
– Company Will Seek Stockholder Approval of Reverse Stock Split at May Annual Meeting –
WINSTON-SALEM, N.C., April 3, 2012 /PRNewswire/ – Tengion, Inc. (TNGN), a leader in regenerative medicine, today announced that its application to transfer the listing of its common stock from The NASDAQ Global Market® to The NASDAQ Capital Market® has been approved by NASDAQ. This transfer will be effective at the opening of business on April 4, 2012, and the Company’s common stock will continue to trade under the symbol “TNGN.” The NASDAQ Capital Market is a continuous trading market that operates in substantially the same manner as The NASDAQ Global Market and listed companies must meet certain financial requirements and comply with NASDAQ’s corporate governance requirements.
The Company also announced today that it will seek stockholder approval of an amendment to its Certificate of Incorporation to effect a reverse stock split in the range of 1-for-6 to 1-for-10 shares of common stock. The Board of Directors would retain discretion over whether to implement the reverse stock split and over the exact ratio of the reverse stock split. The reverse stock split would provide the Company with a means to cure its minimum bid price deficiency for continued listing on The NASDAQ Capital Market, if such action becomes necessary. The proposed reverse stock split will be voted upon at the annual meeting of stockholders to be held May 21, 2012.
Background
In October 2011, the Company announced that it received a letter from The NASDAQ Stock Market, dated October 4, 2011, notifying it that, for the 30 consecutive business days preceding the date of the letter, the bid price of the Company’s common stock had closed below the $1.00 per share minimum bid price required for continued inclusion on The NASDAQ Global Market. To regain compliance with The NASDAQ Global Market continued listing requirements, the closing bid price of the Company’s common stock must meet or exceed $1.00 per share for a minimum of 10 consecutive business days. The Company was granted until April 2, 2012 to regain compliance. In anticipation of not meeting the minimum bid price continued listing requirement, the Company requested, and on April 3, 2012 received, approval from NASDAQ to transfer the listing of its common stock from The NASDAQ Global Market to The NASDAQ Capital Market. The Company will be afforded an additional period, ending September 28, 2012, to regain compliance with the minimum bid price rule while listed on The NASDAQ Capital Market. If compliance is not regained, NASDAQ will notify the Company of its determination to delist the Company’s common stock, which decision may be appealed to a NASDAQ Listing Qualifications Panel.
Tengion today filed preliminary proxy materials with the Securities and Exchange Commission (SEC) and, subject to satisfaction of SEC requirements, intends to provide definitive proxy materials to stockholders by late April. Detailed information about the reverse stock split and other proposals to be voted on at the annual meeting of stockholders will be contained in the definitive proxy statement. Stockholders of Tengion are advised to read the definitive proxy statement and other relevant materials filed with the SEC when they become available, as they will contain important information. The definitive proxy statement will be available free of charge at U.S. Securities and Exchange Commission (Home Page). In addition, investors and security holders will be able to obtain free copies of the definitive proxy statement by contacting Tengion at 3929 Westpoint Boulevard, Suite G, Winston-Salem, NC 27103, Attn: Investor Relations, or at Tengion : Regenerative Medicine Brought to Life. The Company and its officers, directors, employees and certain other persons may be deemed to be participants in the solicitation of proxies of company stockholders in connection with the reverse stock split and other proposals to be voted on at the annual meeting. Information regarding such individuals, their interests in such proposals, and their participation in the solicitation will be set forth in the definitive proxy statement.
Looks like Camofi is looking for about 140 million rather than 120 million shares.....not including damages and fees etc. (to be determined at judgement time)
Let the calendar be your guide. Today is a traditional day in America for such statements...and activities.
P.S. for some, every day is April Fools day. ;)
To assuage the occasional fear of Lanza's possible leaving ACTC under any circumstances, we in the lab have created a number of Lanza homunculi. They are at various levels of development, but would easily pass for him in the youtube video format.
So, have a nice day, we are busy!
Gastro, the TA on this is pretty humorous..
So we should "wait for the manipulate?"
Right on, the pipeline just keeps getting bigger!
Thanks for posting the Transcript cty, great stuff!
I think this Neo-Kidney augment will turn out to be kind of a big deal.
Naked shorts, sounds like a fashion trend from the late 60's ...Gastro, what do you make of all the JV talk...?
Go TNGN
Lanza is probably not siting at a computer selling his shares himself. He probably has a broker doing it, and the broker is probably trying to do the best job he can for his client. When a price spikes like that without revenue, its a pretty safe bet to sell some...
We've seen what's behind door number 1, and now we speculate about what is behind door number 2.